Haynes and Boone in Law360: Shelbourne Hands Related Control of Chicago Spire Site

11/05/2014

The Related Cos. LP has taken over the site of the stalled Chicago Spire project, after bankrupt real estate developer Shelbourne North Water Street LP handed over the deed rather than continuing what had been a lengthy court battle.

It was a relatively low-key conclusion to a long-running fight over what had been slated to be the tallest building in the Western Hemisphere, at 150 stories, but that never got past the digging of the foundation.

The pieces started to fall into place Monday evening, when Related withdrew, with prejudice, a motion urging U.S. Bankruptcy Judge Janet S. Baer to force Shelbourne to transfer ownership of the site because it had allegedly violated the terms of its Chapter 11 reorganization plan. On Tuesday, Joseph D. Frank, one of Shelbourne's attorneys, confirmed to Law360 that the developer had relinquished control of the deed to Related, meaning the long-winding court fight appears to have reached its end...

Email Disclaimer

Sending an email will not establish an attorney-client relationship. You should not send us any information that you want treated confidentially. By clicking Accept you acknowledge that we may review and use any information you transmit to us.